https://www.taxtmi.com/caselaws?id=121428 The Tribunal overturned the denial of the assessee's claim for a deduction under section 10A concerning interest income from fixed deposits. It concluded that the interest income had a direct nexus with the business undertaking, as it was linked to obtaining credit for business operations. The Tribunal relied on the interpretation of "derived from" and the expanded scope under section 10A(4) to determine that the interest income qualified as "profits and gains of business or profession." Consequently, the assessee was entitled to the deduction, and the appeal was allowed. en-us Tue, 12 May 2009 00:00:00 +0530 Mon, 16 Oct 2023 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121428 The Tribunal overturned the denial of the assessee's claim for a deduction under section 10A concerning interest income from fixed deposits. It concluded that the interest income had a direct nexus with the business undertaking, as it was linked to obtaining credit for business operations. The Tribunal relied on the interpretation of "derived from" and the expanded scope under section 10A(4) to determine that the interest income qualified as "profits and gains of business or profession." Consequently, the assessee was entitled to the deduction, and the appeal was allowed. Case-Laws Income Tax Tue, 12 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121428